Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q2 2025 Earnings Presentation
21 slides from Algonquin Power & Utilities's earnings presentation, Aug 8, 2025
Slide 1: Q2 2025 Earnings Conference Call
Q2 2025 Earnings Conference Call August 8, 2025 | 8:30 a.m. ET
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the
Slide 3: Agenda and Speakers
Agenda Today’s 1. Introductory remarks 2. Key highlights Speakers 3. Operational updates 4. Financial results 5. Closing remarks Rod West Brian Chin Sarah MacDonald Chief Executive Officer Interim Chief Financial Officer and Chief Transformation Officer Vice President, Investor Relations Algonquin P
Slide 4: Key Highlights
Q2 2025 Earnings Conference Call Key Highlights 4
Slide 5: Second Quarter Highlights
Second Quarter Highlights Financial results on track to meet 2025 outlook New rate case filings in Massachusetts and Arizona Executive team appointments strengthen leadership Announced 3-yr financial outlook and business plan Algonquin Power & Utilities Corp. | Q2 2025 Earnings Conference Call 5
Slide 6: Operational Highlights
Q2 2025 Earnings Conference Call Operational Highlights 6
Slide 7: Operational Updates
Operational Updates Approved settlement agreement in Arizona Settlement agreement filed in New Hampshire Developing investment plans for economic progress Algonquin Power & Utilities Corp. | Q2 2025 Earnings Conference Call 7
Slide 8: Financial Update
Q2 2025 Earnings Conference Call Financial Update 8
Slide 9: Financial Performance
Financial Performance Three Months Ended June 30 All figures are in $ millions except per share information 2025 2024 Variance Net Earnings for Regulated Services Group 47.1 48.0 (2)% Net Earnings for Hydro Group 9.1 3.3 176% Net Earnings for Corporate Group (38.8) 128.8 (130)% AQN Net Earnings 17.4
Slide 10: Adjusted Net EPS Drivers
Adjusted Net EPS1 Drivers Q2 2024 Adjusted Net EPS1 (including renewables) $0.06 Implementation of approved utility rates 0.02 Interest expense deleveraging, net of funding needs 0.02 Removal of Atlantica dividend (0.03) Increase in weighted average shares outstanding (0.01) Depreciation, taxes, and
Slide 11: Closing Remarks
Q2 2025 Earnings Conference Call Closing Remarks 11
Slide 12: Q&A
Q2 2025 Earnings Conference Call Q&A 12
Slide 13: Appendix
Q2 2025 Earnings Conference Call Appendix 13
Slide 14: Key Credit Adjustment Figures
Key Credit Adjustment Figures Q2 debt $6.3 billion S&P and Fitch selected debt adjustments: Less: Equity credit 50% of $1.4 billion $700 million hybrids Less: Empire securitization $300 million Add: Preferred equity 50% of $180 million $90 million Algonquin Power & Utilities Corp. | Q2 2025 Earnings
Slide 15: Our Service Footprint
Our Service Footprint Providing regulated electric, natural gas, water, and wastewater utility services to over 1 million customer connections. Legend Electric distribution / generation system Gas distribution system Water distribution / wastewater treatment system Algonquin Power & Utilities Corp.
Slide 16: Rate Case Update
Rate Case Update1 Utility Jurisdiction Rate Request Authorized Increase Date of Rate Implementation BELCO Bermuda $59.1 million $33.6 million2 Aug 1, 2024, retroactive to Jan 1, 2024 Granite State Electric New Hampshire $15.5 million $5.5 million April 1, 2025 Completed Midstates Gas Missouri $13.2
Slide 17: Approved Rates from Completed Rate Cases
Approved Rates from Completed Rate Cases 1 Empire Electric – Arkansas $5.3 million Bermuda – Make whole $3.9 million Bermuda $33.6 million New York Water – Make whole $6.9 million New York Water – Step 1 $26.3 million Midstates Gas – Illinois $3.2 million New York Water – Step 2 $6.1 million Midstat
Slide 18: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base & Return on Equity (“ROE”) by major jurisdiction and commodity Facility 2023A Rate Base ($mm) 2024A Rate Base ($mm) Latest Authorized ROE Empire Electric $2,958 $3,292 9.3% California Electric and Water $756 $798 9.9% New York Water $491 $541 9.1% New Ha
Slide 19: Rate Base View by Commodity
Rate Base View by Commodity1 Millions 4,800 New Hampshire 4,400 4,000 California 3,600 Bermuda 3,200 2,800 2,400 2,000 New York Other (Arkansas, Missouri, Texas, Illinois) 1,600 Missouri1 New Brunswick Georgia Arizona 1,200 Massachusetts California 800 Missouri2 Chile 400 New Hampshire New York 0 El
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net
Slide 21: Corporate Information and Contact Information
Corporate Information Head Office Greater Toronto Area, Ontario Toronto Stock Exchange AQN, AQN.PR.A, AQN.PR.D New York Stock Exchange AQN, AQNB Shares Outstanding* 767,952,268 Share Price* $5.73 Market Capitalization* $4.4 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
Algonquin Power & Utilities Corp. Common Shares — Q2 2025 Earnings Presentation on 6ix